Gold Holds Near $4,159 as Traders Await US Inflation Data
Spot gold was little changed as markets looked to US inflation and activity data for clues on the Federal Reserve’s next move.
Key takeaways
- Spot gold was little changed at $4,159.45 an ounce at 05.51 Istanbul time.
- December US gold futures rose 0.1% to $4,182.60.
- Markets priced a 23% chance of a rate hike this month and an 88% chance in December.
Spot gold was little changed at $4,159.45 an ounce at 05.51 Istanbul time on Wednesday, as traders awaited US inflation data. December US gold futures rose 0.1% to $4,182.60.
The US consumer price index was due Wednesday, followed by producer prices and retail sales on Thursday. Tastylive’s Ilya Spivak said weaker readings on inflation and retail sales could reduce expectations for further rate increases this year, supporting gold.
CME FedWatch data showed markets pricing a 23% chance of a rate hike this month and an 88% chance of an increase in December. New York Fed President John Williams reiterated that another increase this year may be needed, while Fed Governor Christopher Waller said recent higher bond yields reflected stronger growth, not rising inflation expectations.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
